The Zagreb Stock Exchange calculates 11 stock indices, 2 debt indices and 1 regional index, ADRIAprime, in cooperation with the Ljubljana Stock Exchange.  

Index Values

All the mentioned indices are the intellectual property of the Exchange:

  • Equity indices
  • The first stock index which the Exchange began to calculate on 3 September 1997 was CROBEX© . It is a price index in which the weighting of each share is determined in accordance with its free float market capitalisation. Index constituents are the most liquid shares having the highest market capitalisation, with a maximum weighting of individual shares limited to 10 %. The base value is 1,000 points and the base index date 1 July 1997. CROBEX© is calculated in the kuna and distributed in real time, continuously in the course of trading.

    The CROBEX10© index includes 10 shares with the highest free float market capitalisation and turnover from among the constituents of the CROBEX index. The base index value was 1,000 points on 31 July 2009. It is a price index in which the weighting of each share is determined in accordance with its free float market capitalisation and limited to 20 % in order to prevent the dominant influence of share with a high capitalisation. It has been calculated since 7 September 2009. CROBEX10© is calculated in the kuna and distributed in real time, continuously in the course of trading.

    CROBEX10tr® is a total return index, taking into account in its calculation the payment of dividends on the constituent shares. CROBEX10tr® has the same composition as the CROBEX index, and its calculation began on 15 July 2020. The weighting of each share is determined in accordance with its free float market capitalisation and is limited to 20 %. The base index value of the CROBEX10tr® index was 1,000.00 points on 29 May 2020. CROBEX10tr® is calculated in the Croatian national currency (HRK) and distributed in real time, continuously in the course of trading.

    On 22 February 2013, the Exchange has begun calculating the CROBEXplus© index and five sectoral indices: CROBEXnutris© (food production and processing), CROBEXindustrija© (industrial production), CROBEXkonstrukt© (construction industry), CROBEXtransport© and CROBEXturist©. They are so-called equal weight indices. All the indices had the base value of 1,000 points as at 21 February 2013. CROBEXplus© and the sectoral indices are calculated in the kuna and distributed in real time, continuously in the course of trading.

    CROBEXtr© is a total return index, taking into account in its calculation the payment of dividends on the constituent shares. CROBEXtr© has the same composition as the CROBEX index, and its calculation began on 24 February 2014. The weighting of each share is determined in accordance with its free float market capitalisation and is limited to 10 %. The base index value of the CROBEXtr© index was 1,000.00 points on 21 February 2014. CROBEXtr© is calculated in the kuna and distributed in real time, continuously in the course of trading.

    CROBEXprime© is the total return index, taking into account the dividends, in which the weighting of each share is determined in accordance with its free float market capitalisation. Index constituents are all the shares listed on the Prime Market managed by the Exchange, with a maximum weighting of individual shares limited to 30 %. The base index value is 1,000 points and the base index date 28 December 2018. CROBEXprime has been calculated since 18 February 2019. The calculation currency is the kuna, and the index is distributed in real time, continuously in the course of trading.

  • Bond indices
  • CROBIS© the first Zagreb Stock Exchange bond index, first published on October 1, 2002. The base date of the index is September 30, 2002 and the base value is set on 100. CROBIS® is price index weighted by market capitalisation. The bonds eligible for inclusion within CROBIS® index are bonds issued by Croatian government with minimum nominal value of 75 million €. The weight of any individual bond issue in CROBIS® is limited to 35% of the index capitalization.

    On December 2nd 2011. Zagreb Stock Exchange introduced the second bond index CROBIStr© (CROBIS Total Return©), with the same composition as CROBIS©. This index accounts for acquired or paid interest.

  • Regional indices
  • ADRIAprime® index consists of shares listed on the Prime Market1 , the highest market segment of both the Zagreb Stock Exchange and the Ljubljana Stock Exchange. It is a total return index which takes into account the dividend returns. The weighting of each share is determined in accordance with its free float market capitalisation and is limited to 15%. The base value is 1,000 points and the base date is 30 April 2019. ADRIAprime® index is calculated in Euro (EUR) as of 19 June 2019 and is distributed in real time, continuously in the course of trading.  

Benchmarks regulation

Benchmark means any index by reference to which the amount payable under a financial instrument or a financial contract, or the value of a financial instrument, is determined, or an index that is used to measure the performance of an investment fund with the purpose of tracking the return of such index or of defining the asset allocation of a portfolio or of computing the performance fees.
 

The family of CROBEX benchmarks:

Index Trading System Symbol ISIN
CROBEX CBX HRZB00ICBEX6
CROBEX10 CBX10 HRZB00ICBE11
CROBEX10tr C10TR HRZB00ICB103
CROBEXtr CBXTR HRZB00ICBTR6
CROBEXprime CBXPR HRZB00ICBPR4


ADRIAprime® benchmark:

Index Trading System Symbol ISIN
ADRIAprime ADRPR HRZB00IADPR4

In accordance with the provision of REGULATION (EU) 2016/1011 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (Benchmarks Regulation), Zagreb Stock Exchange, Inc. publishes the following documents:

Indices manual of the Zagreb Stock Exchange, Inc.
Rules of Procedure of the Indices Committee
Rules of Procedure of the Oversight Committee
Compliance statement in accordance with Article 26(1) of the Regulation (EU) 2016/1011  
Conflict of interest policy
Complaints policy
 
Regulatory documents:
Registration of ZSE as the non-significant benchmark administrator (only in Croatian)  
 
Benchmark statements:
CROBEX family
ADRIAprime
 

Committees under Regulation (EU) 2016/1011 (Benchmarks Regulation)

  • Indices Committee
  • The Indices Committee consists of 5 (five) members appointed by the Management Board from the Exchange employees who have expert knowledge of the Croatian capital market, the methodologies of calculation of indices and input data, and who are responsible for the operational conduct of periodic index reviews.


    President of the Management Board and member of the Management Board are ex officio members of the Committee.

    The Indices Committee is composed of the following members:

    1. Ivana Gažić, President of the Management Board
    2. Tomislav Gračan, Member of the Management Board 
    3. Gordana Miškulin, Head of Business Development
    4. Patricia Bakšaj, Director of Legal and General Affairs
    5. Anamarija Bošković, Director of Markets and Surveillance.

    Documents:

    Rules of Procedure of the Indices Committee

  • Oversight Committee
  • Oversight Committee consists of 3 (three) members appointed by the Exchange Management Board among the Exchange employees.

    The Oversight Committee is composed of the following members:

    1. Marijana Baković, Head of Surveillance Department 
    2. Ivan Sardelić, Director of Information Technology and Business Development
    3. Valentino Rizman, Markets Department .

    The Oversight Committee oversees all aspects of provision of benchmarks to protect public confidence in the integrity of benchmarks provided by the Zagreb Stock Exchange d.d. as a benchmark administrator.


    Documents:
    Rules of Procedure of the Oversight Committee
    Annex of the Rules of Procedure of the Oversight Committee